• Olam Agri secures $100 million loan from FMO

• Funds to support Asian rice exports to Africa

• African rice imports up 29% over decade

Olam Agri, a subsidiary of Singapore-based Olam Group, has secured a $100 million, seven-year financing facility from Dutch development bank FMO. The company produces and markets agricultural commodities and animal feed.

In a statement published on its website on Monday, March 2, Olam said the financing will support rice shipments from India, Thailand and Vietnam to African countries, where rice is a staple.

Olam Agri operates an established distribution and marketing network across several sub-Saharan African countries, including Ghana, Nigeria, Cameroon and Mozambique. The company sells several leading milled rice brands, including “Royal Aroma,” “Royal Feast,” “Mama Africa,” “Mama’s Pride,” “Riz Mémé,” “Riz Bijou” and “Mama Africana.”

“This support from FMO strengthens our ability to move essential food from places where it’s grown more abundantly to markets where there’s high demand, while continuing to invest in resilient, transparent supply chains,” said Julie Greene, Chief Sustainability Officer at Olam Agri.

Opportunities Ahead

In Africa, rice is the third most consumed cereal after maize and wheat and has been the fastest-growing cereal over the past decade. Population growth, urbanization and changing consumption patterns have driven demand, particularly in West Africa, making rice the continent’s most import-dependent grain. Nigeria, Senegal and Côte d’Ivoire are Africa’s three largest importers.

FAO data show that African rice imports rose nearly 29% over the past decade, from 13.72 million tonnes in 2014 to 17.64 million tonnes in 2024. Over the same period, the import bill increased 33.6% to $9.1 billion.

This upward trend is expected to continue. According to the latest OECD-FAO Agricultural Outlook, rice imports in African countries are projected to grow by 53% over the 2025-2034 period.

By strengthening its marketing channels, Olam Agri aims to gain market share in Africa, where demand growth prospects remain strong. The move also positions the company against fierce competition from other global traders, including Singapore-based Wilmar International and France’s Louis Dreyfus Company, as they compete for market share in a rapidly expanding market.

Stéphanas Assocle